If you’ve been injured in an accident, you may wonder if you should accept a personal injury settlement from the insurance company. The answer is not always clear-cut, but there are some things you should know before making a decision.
Generally, it’s best to speak with a personal injury lawyer before accepting any settlement. They will be able to evaluate your case and give you a better idea of what you could realistically expect to receive in compensation.
You should also keep a few key things in mind when considering a personal injury settlements, such as the statute of limitations and the cost of future medical treatment.
Read on to learn more about what you should know before accepting a personal injury settlement.
What is a Personal Injury Settlement?
A personal injury settlement is an agreement between the injured party and the at-fault party (usually an insurance company) to resolve a personal injury claim. Personal injury settlements typically involve the payment of money in exchange for the injured party agreeing to release the at-fault party from any further liability.
A personal injury settlements primary purpose is to compensate the injured party for their losses, which can include medical bills, lost wages, and pain and suffering.
How is a Personal Injury Settlement Calculated?
The amount of a personal injury settlements is typically based on the severity of the injuries, the amount of economic damages (e.g., medical bills, lost wages), and the degree of fault. For example, if the injured party was seriously injured and will incur high future medical costs, they will likely receive a higher settlement than someone who sustained more minor injuries.
Factors to Consider Before Accepting a Personal Injury Settlement
Here are a few factors to consider before accepting a personal injury settlement:
- The Cost of Future Medical Treatment: One of the main factors that will be considered when calculating a personal injury settlements is the cost of future medical treatment. If you have suffered severe injuries that will require long-term or permanent treatment, you will likely receive a higher settlement than someone who sustained less severe injuries.
- The Degree of Fault: The degree of fault will also be considered when calculating a personal injury settlement. If the injured party is partially at fault for the accident, their settlement will be reduced by their percentage of fault. For example, if the injured party is found to be at 20% at fault for the accident, their settlement will be reduced by 20%.
- The Statute of Limitations: It’s essential to be aware of the statute of limitations for personal injury claims in your state. The statute of limitations is the timeframe in which you have to file a personal injury lawsuit. If you don’t file a lawsuit within the statute of limitations, you will be unable to recover any compensation for your injuries.
- Please speak with a Personal Injury Attorney: As mentioned above, it’s always a good idea to speak with a personal injury lawyer before accepting any settlement. They will be able to evaluate your case and give you a better idea of what you could realistically expect to receive in compensation.
What if I am Not Satisfied With the Settlement Offer?
You have a few options if you are unsatisfied with the settlements offer. You can:
- Negotiate with the At-Fault Party – You can try to negotiate with the at-fault party or their insurance companies to see if they are willing to increase their settlement offer. It’s important to note that you will likely need the help of a personal injury lawyer to do this effectively.
- File a Personal Injury Lawsuit – If you cannot reach a settlements agreement, you can file a personal injury lawsuit. This will allow a judge or jury to hear your case and determine how much compensation you are entitled to.
The decision of whether or not to accept a personal injury settlement offer is a personal one. You should carefully consider all of the abovementioned factors before making a decision.
There are many things you should know before accepting a personal injury settlement. For one, you should ensure you get the total compensation you are entitled to. If you have any doubts, it is always best to consult with a personal injury lawyer. At Garcia and Phan (714-586-8298), we offer free consultations to help you understand your rights and how to get the best settlement possible.